GM files for bankruptcy protection

NEW YORK (AP) - General Motors has filed for bankruptcy
protection as part of an Obama administration plan to shrink the
automaker to a sustainable size and give a majority ownership stake
to the federal government.
The fallen icon of American industrial might filed its Chapter
11 petition in New York on Monday. It marks the fourth-largest
bankruptcy in U.S. history and the largest for an industrial
GM's reorganization plan will rely on up to $30 billion of
additional financial assistance from the Treasury Department.
That's on top of the $19.4 billion in taxpayer money GM already has
received in the form of low-interest loans.

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  • by Bob Location: Jenkins on Jun 3, 2009 at 07:30 PM
    Thanks to W.Bush.
  • by CJ Location: Ashland, KY on Jun 2, 2009 at 10:42 AM
    Anyone with a brain could see this coming for GM, et. al. When an auto costs more than a house, who do you suppose is going to buy it? Dems did not do this. Greed did this. It exists everywhere, and if it continues to go uncontrolled, it will get everyone. No one is immune. Demand American made products and buy American. Then you will see a big change. Big money rules America, and it knows no political party per se, gender, race, etc. Look at the middle class. WE are all gasping for air!
  • by Thomas Jefferson Location: Monticello on Jun 2, 2009 at 08:01 AM
    A wise and frugal government, which shall leave men free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned - this is the sum of good government. I TOLD YOU SO......
  • by steve on Jun 1, 2009 at 04:56 PM
    Well once again the democrats has destroyed a good company it's a company not a retirement home thanks soacialist union thugs.
  • by Anonymous on Jun 1, 2009 at 03:41 PM
    Who cares!!!!! My SUV gets 8 MPG. I'm somebody!!!
  • by Anonymous on Jun 1, 2009 at 03:17 PM
    Obama is coming after your guns next. Then the revolution can start
  • by Private Location: KY on Jun 1, 2009 at 01:59 PM
    I think the bad economy isn't all to blame for this. People realize that new cars aren't worth 30-50 thousand dollars and more. Lets face it, buying a new car is like a mortgage! It was bound to happen.
  • by FREE CAR on Jun 1, 2009 at 01:55 PM
    I could care less about what the government owns the simple fact is this, people are out of work and more people are out of work. Common sense, when people are not working, there is no money in the economy and when there is no money in the economy recessions, food lines, etc. I say everybody in the U.S that are legal citizens should get a FREE car from this company due to the headaches.
  • by Disgruntled on Jun 1, 2009 at 01:46 PM
    REMEMBER THE GOVERNMENT (OBAMA) TOOK OVER GM A FEW MONTHS BACK. Its not GM that filed due to ignorance, it was Obama that filed bankruptcy. What does that tell you about his administration. Maybe he should let ACORN or the Black Panthers take over GM.
  • by Anonymous on Jun 1, 2009 at 12:46 PM
    Its Obama's fault, he took over
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